AT&T to Enter Local Market
With $11 Billion Teleport Deal

AT&T Corp. is close to acquiring Teleport Communications Group Inc. for $10 billion to $11 billion in stock, people familiar with the matter said.

The purchase, which would value Teleport at about $56 a share, slightly less than its closing price Wednesday, would give AT&T a quick entry into the local phone markets of the nation's biggest urban centers. AT&T's board is expected to vote Thursday on the acquisition, and...